DUBLIN, Oct. 19, 2023 /PRNewswire/ — The “Latin America Elevator and Escalator Market – Size & Growth Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
The Latin America elevator and escalator market is expected to grow at a CAGR of 3.51% from 2022-2029.
Otis, Schindler, TK Elevator, and KONE stand out as the top four manufacturers dominating the Latin America elevator and escalator market, collectively holding a substantial share of over 64%.
The demand for intelligent elevator systems is on the rise, driven by technological innovation and a heightened focus on safety measures in buildings. Features such as sky bridges, modular construction, and cybersecurity adoption contribute to the growing interest in these advanced elevator systems.
In Chile, the pressing need for housing has led to the development of an urban housing strategy by the Housing and Urban Development Ministry (MINVU). With an estimated housing deficit of around 650,000 units, this strategy aims to address the issue by delivering 260,000 homes by March 2026, covering at least 40% of the projected demand. One of its primary goals is to restore the central role of the State in housing planning and management.
Colombia has witnessed efforts to promote sustainability in construction through initiatives like EDGE certification. The International Finance Corporation (IFC) partnered with the Colombian Chamber of Construction (CAMACOL) to facilitate the design and certification of green and zero-carbon buildings starting in 2021.
Colombia’s five major commercial banks offer green financial products in the construction sector, making it one of the region’s most conducive financial environments for green building investments. By the end of 2022, Colombia had 168,000 homes built with EDGE certification, with an additional 120,000 homes in progress.
3D Printing technology is emerging as a key innovation for eco-friendly and cost-effective construction in the region. However, its adoption requires a significant shift in the construction industry’s standards. In 2018, a consortium called CONMAD was established to promote 3D Printing technology. Notably, the largest modular hospital in Latin America, spanning 140,000 square feet, was constructed in just 60 days in Rio de Janeiro to treat COVID-19 patients. This impressive project involved more than 500 workers and included 300 beds and 120 ICUs divided into four modules.
When it comes to equipment, the majority (79%) is imported from China, while only 1% comes from Europe, and 20% is manufactured in Colombia. While most spare parts are imported, mechanical components are primarily produced within the country.
The U.S.-Colombia Trade Promotion Agreements have facilitated the importation of road and construction equipment duty-free, along with services such as project management, bridge design, architecture, and engineering. The agreement also provides legal protections for U.S. companies, expanded access to the services market, and improved dispute settlement mechanisms.
Rising Urban Population in Metropolises and Housing Deficit to Hike Elevator Demand
Green and Yellow House’ is a program initiated to build 12 million housing units, of which 384,000 were given to socially vulnerable populations, around 1.5 million in Brazil.
As of May 2023, according to Chile’s Housing and Urban Development, 133,855 dwellings are being built, 74,866 have been approved, and the work is almost complete. This indicates that as of May 2023, 259,038 dwellings had been awarded a subsidy, considering the total number of completed housing solutions, those under construction, and those approved to start construction.
Argentina plans to construct nearly 300,000 homes in the next decade, particularly emphasizing commercial buildings driven by the country’s tourism industry. Moreover, Argentina offers a cost advantage compared to neighboring countries like Uruguay and Brazil, where building expenses are almost double.
Increased Infrastructure Investments Due to Reduced Tax and Service Platform Authorization Directed to Surge in New Installations
In June 2023, tax incentives were announced to attract companies to invest in Mexio’s business corridor, aiming to compete with the Panama Canal. These incentives include a 50% reduction in income tax for three years, with a potential 90% discount if employment goals are met. The measures also include accelerated depreciation of investments and value-added tax (VAT) exemptions. The government plans to construct ten industrial parks along the corridor, with a tender for their location launching in mid-June 2023.
During 2016-2018, when the platform gov.br service did not exist, only 21 requests to open a branch from foreign companies were registered. However, after introducing the platform, 118 authorization requests were registered, of which 92 have been authorized to open branches in Brazil. Due to this service platform, authorization to work has also been granted digitally in 3 days.
Maintenance Market Pushed Digital Seal by ABEEL
Brazilian Association of Elevator Companies (ABEEL) introduced a digital seal for elevator companies to distinguish companies based on meeting current standards, quality of products, commitment, and customer service. Through digital seal, companies can top out by getting certified by an independent consulting company, SW – inteligencia em negocios. After meeting all the requirements, companies are provided with a QR code that exhibits all the company’s related information when scanned.
According to ABEEL, the modernization of elevators leads to secondary consequences (reduced maintenance costs of elevators), stabilizing the economy for condominiums. Old elevators, which require extra attention and additional costs, lead to an increase in the costs of buildings.
KEY QUESTIONS ANSWERED:
- How big is the Latin American elevator and escalator market?
- What will be the growth rate of the Latin America elevator and escalator market?
- What is the number of installed bases in the Latin America elevator and escalator market in 2022?
- What are the key opportunities in the Latin America elevator and escalator market?
- What are the key Latin American elevator and escalator market players?
Latin America Elevators Market
Future Outlook – Latin America Elevator Market By Volume
- Latin America Escalators Market – By Segments
- Latin America Escalators Market, By Volume
- Latin America Escalators Market Size and Forecast, Volume (Units in Thousand), 2020-2029
Latin America Elevators Market, By Type
- Hydraulic and Pneumatic, Market Size and Forecast, Volume (Units),2020-2029
- Machine Room Traction, Market Size and Forecast, Volume (Units), 2020-2029
- Machine Room Less Traction, Market Size and Forecast, Volume (Units), 2020-2029
- Others, Market Size and Forecast, Volume (Units), 2020-2029
Latin America Elevators & Escalators Market by Carriage Type
- Passenger, Market Size and Forecast, Volume (Units), 2020-2029
- Freight, Market Size and Forecast, Volume (Units), 2020-2029
Latin America Elevators Market by Persons
- 2-15 Persons, Market Size and Forecast, Volume (Units), 2020-2029
- 16-24 Persons, Market Size and Forecast, Volume (Units), 2020-2029
- 25-33 Persons, Market Size and Forecast, Volume (Units), 2020-2029
- Persons and Above, Market Size and Forecast, Volume (Units), 2020-2029
Latin America Elevators Market by End Users
- Commercial, Market Size and Forecast, Volume (Units), 2020-2029
- Residential, Market Size and Forecast, Volume (Units), 2020-2029
- Industrial, Market Size and Forecast, Volume (Units), 2020-2029
- Others, Market Size and Forecast, Volume (Units), 2020-2029
Latin America Escalators Market
Future Outlook – Latin America Escalators Market by Volume
- Latin America Escalators Market – By Segments
- Latin America Escalators Market, By Volume
- Latin America Escalators Market Size and Forecast, Volume (Units), 2020-2029
Latin America Escalator Market by Type
- Parallel, Market Size and Forecast, Volume (Units), 2020-2029
- Multi-parallel, Market Size and Forecast, Volume (Units), 2020-2029
- Walkway, Market Size and Forecast, Volume (Units), 2020-2029
- Crisscross, Market Size and Forecast, Volume (Units), 2020-2029
Latin America Escalator Market by End Users
- Commercial, Market Size and Forecast, Volume (Units), 2020-2029
- Public Transit, Market Size and Forecast, Volume (Units), 2020-2029
- Others, Market Size and Forecast, Volume (Units), 2020-2029
Key Vendors
- Otis
- KONE
- Schindler
- TK Elevator
- Mitsubishi Electric
- Fujitec
- Hyundai Elevator
Other Prominent Vendors
- Wittur
- GMV ELEVATOR
- VEGA LIFTS
- Schmersal
- Draka Elevator
- GIOVENZANA INTERNATIONAL B.V.
- ALAMEX ELEVATOR
For more information about this report visit https://www.researchandmarkets.com/r/25cah3
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